US Navy Shipbuilder Huntington Ingalls Beats Q2 Estimates
Huntington Ingalls Industries on Thursday reported better-than-expected second-quarter results, as heightened global tensions drove up demand for aircraft carriers, amphibious assault ships and submarines.
The Virginia-based company reported a profit of $4.38 per share for the quarter ended June 30, ahead of analysts' estimates of $3.62. Demand for submarines and aircraft carriers is surging, fueled by China's expanding naval footprint and high global tensions.
Huntington Ingalls, the largest U.S. military shipbuilding company, saw a 6% rise in revenue to $2.98 billion, compared with estimates of $2.84 billion, according to LSEG data.
The company reaffirmed its annual outlook but raised its revenue forecast for the Mission Technologies segment, now seeing it at up to $2.8 billion, compared with the previous range of $2.7 billion to $2.75 billion.
(Reuters - Reporting by Pratyush Thakur; Editing by Shailesh Kuber)